On a 1031 like-kind exchange, I'm confused by TT question "Fair Market Value of like-kind property you gave up." What blank on IRS Form 8824 does this correspond to?
an accountant filled out 8824 for me and the expected outcomes don't work out unless I use FMV of the NEW property for that TT question. please help! thank you!
On a 1031 like-kind exchange, I'm confused by TT question "Fair Market Value of like-kind property you gave up." What blank on IRS Form 8824 does this correspond to?
It is found in Part III. Line 12 Fair market value (FMV) of other property given up. Form 8824